C7group Statement of Independence

Our Independence Charter sets out precisely what C7group means by ‘independence’, so that our customers can be confident that they are receiving truly independent advice. Our analysts and consultants have signed up to the Charter, which sets out the three principles of independent behavior and the explicit steps we take to enforce them:

C7group’s research is completely independent

C7group’s staff are completely independent

C7group is completely independent

We implement the Charter in a transparent way. Customers and other parties with whom we have a relationship may seek further clarification in appropriate situations.

The Charter is a statement of best practice to which C7group and its employees try to adhere at all times. However it is not intended to, and does not, create any legally binding rights or obligations or form part of any contract with customers.

1. Our research is completely independent

1.1. C7group retains editorial control and the right to express opinions (although we allow the subjects of our research to check facts when appropriate).

1.2. C7group never charges vendors/service providers for inclusion in its research.

1.3. C7group’s research or coverage is not influenced by whether a vendor/service provider is an C7group customer.

1.4. C7group does commissioned reports for subsequent distribution by vendors/service providers and all such reports will contain a disclosure that the work has been commissioned.

1.5. C7group will not do reports for public disclosure or consumption which compare or evaluate products or services, commissioned by a company which provides those products or services.

1.6. C7group will allow citations of short extracts, and the re-use of diagrams, graphs and/or tables from our research, providing the rules of our Citation Policy are fully adhered to. C7group’s Citation Policy can be found on the C7group website.

1.7. C7group’s research is not influenced by our use of products/services for our internal systems.

2. Our staff are completely independent

2.1. C7group staff may not share tips or other financial advice.

2.2. C7group staff may not buy or sell shares in a company about which they are currently writing published research such as a company profile or news comment, during the research/writing period and for a period of 24 hours following publication of the research.

2.3. C7group will monitor, manage, and remove conflicts of interest by its employees.

3. C7group is completely independent

3.1. C7group is not dependent on any single client. Our largest client accounts for no more than 5% of sales.

3.2. C7group does not invest in companies on which it performs research.